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Question - Kane City sold bonds in the amount of $25,000,000 to finance the construction of a public wellness center. The bonds are serial bonds and were sold at par on January 1, the first day of a fiscal year. Shortly thereafter a construction contract in the amount of $22,000,000 was signed and the contractor commenced work. By year-end the contractor had been paid in full for all billings to date amounting to $12,000,000.
Required - Prepare, in general journal form, all journal entries that should have been made during the fiscal year ended December 31 to record the preceding information in the capital projects fund.
in july 2011 financial media reported that glencore international plc a large swiss-based multinational producer of
Assume the company does use reversing entries. Prepare the December 31 adjusting entry, the January 1 reversing entry, and the entry on Monday, January 6, when LaBamba pays the payroll.
How much is the anticipated fuel savings per year from using a carbon-fiber car instead of a conventional car
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what are the arguments for using one worldwide reporting standard for accounting? explain in detail.please use over 50
Audits are a key control activity for many companies. Explain FOUR factors that create a demand for an independent financial report
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Last year, Fingal expected to produce 20,000 units. What is operating income for last year under absorption costing
In addition, the company has fixed selling and administrative costs of $160,000 per year. What is the value of ending inventory using full costing
Compute the equivalent units of production and the cost per equivalent units for materials and for conversion costs
Research professional standards of the IIA to identify recommendations for the organizaional reporting lines of authority appropriate for an effective internal audit function within an organization.
On August 10 the business made a payment of $700, and on August 17 they borrowed $4,800. If the current prime rate is 6%, what is the new balance?
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